As your business grows so does the need to protect your assets and bank accounts. It’s important that you take the time to review your business insurance at least once a year to be sure you’re adequately protected. Below are some tips to consider when you review your insurance coverage.
• Keep in touch with your insurance company on a regular basis so your policy is up-to-date on any changes that may occur in your business. For example: Did you buy new equipment or expand your work site? If your policy isn’t up-to-date your changes may not be included in your coverage.
• Recognize that changes in your business will affect your policy. Be sure to read the limits and terms of your policy coverage. How does your policy cover common changes or changes that will be made to your business in the near future? Ask your agent if you have adequate coverage for:
• Property damage
• Liability coverage
• Health, disability, and life insurance
• Perform a competitive review of your insurance needs on a regular basis. Just as you do when it’s time to review your homeowner's or auto policies, it’s a good idea to seek out a few different insurance providers for your business. This will help to find competitive premium for your policies as well as any inadequacies in your current policy.
• Think about the growth of your business. As your business grows so should your insurance coverage. Yet another reason to review your coverage at least once a year.
• Evaluate your business safety policies. Are your company’s safety policies being followed? If you’re not following and maintaining safety guidelines, you may soon find that you’re not only paying higher premiums, but you may have problems getting insurance claims approved.
At Summit CPA we offer multiple resources to assist you will your business needs. For more information, contact our office at (866) 497-9761, to speak with our advisors.